Adjusted earnings before interest and taxes dropped to 210
million euros ($290 million) in the 12 months through September
from 223 million euros a year earlier, the Mannheim-based
company said today in a statement. MVV previously forecast a
decline of about 5 percent.

Wholesale electricity prices in Germany have tumbled,
making many power plants unprofitable. The country’s move toward
wind and solar energy, which now account for more than 20
percent of generation and take preference on the grid, has
forced prices down.

MVV’s executive board will propose a dividend of 90 cents a
share, unchanged from a year earlier, the company said. Full-year sales rose 3.8 percent to 4.04 billion euros, beating the
3.97 billion-euro average estimate of four analysts surveyed by
Bloomberg.

MVV predicted higher sales for the current fiscal year and
said adjusted Ebit will fall to 170 million euros to 185 million
euros, before increasing in 2014-15.

The company will be deleted from Germany’s benchmark SDAX
index on Dec. 23.